Coinbase is silently tracking how you spend you coins - page 3.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: gadman2 on July 15, 2016, 11:34:51 PM

Of course. They are a regulated company following regulated rules. You shouldn't expect less.

so regulation now is synonymous of privacy violation?, you can't have both, but there must be in between a way to follow to avoid issue with either one

like for example do not track all customers, but just those that you believe are not 100% honest citizens...

helloeverybody

legendary

Activity: 1008

Merit: 1000

★YoBit.Net★ 350+ Coins Exchange & Dice

Most of my dildo buying online is actually done with bitcoin so being banned by coinbase would be unfortunate. But on a serious note, that's why i don't use coinbase. If they have to stick to such laws then they should move their business into a free country where such restrictions are not in place.

CoinBreader

hero member

Activity: 672

Merit: 500

But then again if you are already registered with Coinbase, send your btc to an exchange withdraw them after to another address , they still able ti trace you and tell you what to do with your coins ?? Shocked

Deuceisgood

full member

Activity: 227

Merit: 100

Don't use Coinbase.

Three words. It is that simple people. Perhaps it would be helpful to repeat:

Don't use Coinbase.

Now, I have an account there. But only because someone pays me periodically, and they are only set up to pay into Coinbase accounts. So I have a Coinbase account. But I don't really use it. I just receive payments, and then move my newly acquired coins to another wallet. There are only three reasons for actually using Coinbase: A. You are lazy, B. You are stupid, or C. You are lazy and stupid.

They say repeating something three times commits it to long-term memory, so here it comes:

Don't use Coinbase.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: bitbet-info on July 15, 2016, 11:24:47 PM

~~
One of our users what threatened by Coinbase with account closure after he placed a bet on our site.
The implication is basically that Coinbase is now officially in the business of deciding what you can and can't do with your own money.
~~

this is not new, but it is strange that they have warned that user because i have heard that they close down your account if you use the funds for gambling and also this is clearly mentioned in their rules when you sign up and click "I accept" without reading it Cheesy

Quote

They've essentially lowered themselves to the level of the likes of VISA and Paypal.
Should you decide to spend your coins on dildos and should Coinbase tomorrow decide that dildos are something they disapprove of, you may face account closure.

since they are simply a service provider you don't have to use them. there are a lot of other good bitcoin wallets that people can use. coinbase is only good for purchasing easily and then withdraw to your desktop/cold wallet

gadman2

legendary

Activity: 978

Merit: 1001

Quote from: bitbet-info on July 15, 2016, 11:52:19 PM

Quote from: gadman2 on July 15, 2016, 11:34:51 PM

Of course. They are a regulated company following regulated rules. You shouldn't expect less.

We've never heard of a bank that tells people what they can and can't do with their money.

You've never heard of a bank that says you can't launder money or fund terrorism? Really?

7788bitcoin

legendary

Activity: 2282

Merit: 1023

I think people need to read the terms and conditions of using their services. Otherwise people should just use other wallet services. Good one is to start a full node and you can do anything with your coins without asking any permission- and support the bitcoin network at the same time.

davis196

hero member

Activity: 3150

Merit: 937

Quote from: bitbet-info on July 15, 2016, 11:24:47 PM

Hello,

We are the admin team for https://bitbet.us, and it has come to our attention that Coinbase has silently started tracking how their customers spend the coins purchased on their site.

One of our users what threatened by Coinbase with account closure after he placed a bet on our site.

The implication is basically that Coinbase is now officially in the business of deciding what you can and can't do with your own money.

They've essentially lowered themselves to the level of the likes of VISA and Paypal.

Should you decide to spend your coins on dildos and should Coinbase tomorrow decide that dildos are something they disapprove of, you may face account closure.

Caveat Emptor.

This is nothing new.I know that Coinbase is tracking transactions.

Many people were banned from Coinbase for gambling transactions.

Just use another wallet service.

Lutpin

copper member

Activity: 1904

Merit: 1874

Goodbye, Z.

Quote from: ObscureBean on July 16, 2016, 12:46:00 AM

This is something people will have to get used to if we want Bitcoin to ever go mainstream one day.

Only as long as they opt to use shitty online wallets, may they be called coinbase, xapo, blockchain.info and whatever else.
If you'd use a properly set up local wallet (electrum, core, armory,...there's enough for everyone to find a favorite), that's a whole different story.

ObscureBean

legendary

Activity: 1148

Merit: 1000

Coinbase is a regulated Money Services Business under FinCEN which basically means it has to abide by the law. Gambling is not allowed in most parts of the US, they are probably required to have compliance mechanisms in place to ensure that users are operating within the law. This is something people will have to get used to if we want Bitcoin to ever go mainstream one day.

Kotone

hero member

Activity: 1372

Merit: 503

Yes. That's actually true. I recently read some articles regarding this news. They are strictly tracking your transactions in and out. They usually ban some accounts who is playing in gambling sites if they see that the account is underage. So if I were you, I would rather move to the other wallets but for me, that's one of the best wallets ive ever seen online. Some other wallets don't have much security that's why other accounts can been hacked without prior notice.

bitbet-info

newbie

Activity: 48

Merit: 0

Quote from: BitcoinEXpress on July 16, 2016, 12:00:14 AM

All you have to do is transfer your BTC from Coinbase to another wallet and send from there.

Jeez how simple is that?

~BCX~

That's assuming they won't track that as well.

BitcoinEXpress

legendary

Activity: 1210

Merit: 1024

All you have to do is transfer your BTC from Coinbase to another wallet and send from there.

Jeez how simple is that?

~BCX~

Lutpin

copper member

Activity: 1904

Merit: 1874

Goodbye, Z.

Quote from: bitbet-info on July 15, 2016, 11:52:19 PM

We've never heard of a bank that tells people what they can and can't do with their money.

Try using your credit card at an illegal (/unregulated) physical casino.

This has to do with basic US laws. Coinbase is a registered company and hence has to follow the laws they're under.
This means FinCEN having an eye or two on them, and in conclusion also all coinbase users.
Online Gambling is a big red flag in the US (or at least most states, I'm not an expert on their laws, rather sharing what I've come to know over the time),
there's a reason why Primedice and some other sites block users from the States.

bitbet-info

newbie

Activity: 48

Merit: 0

Quote from: gadman2 on July 15, 2016, 11:34:51 PM

Of course. They are a regulated company following regulated rules. You shouldn't expect less.

We've never heard of a bank that tells people what they can and can't do with their money.

bitbet-info

newbie

Activity: 48

Merit: 0

Thanks for the links, we didn't realize Coinbase was in the business of telling customers what they can and can't do with their own money.

This is really amazing, they're basically eliminating 90% of what makes bitcoin useful ... why would anyone use their service ?

When someone draw cash at a US bank, does the teller explain that they are not allowed to gamble with it and that he will close the account if he suspects the money will be used to gamble ?

Also, it'd be interesting to conduct an experiment to see if they still do this if a user first transfers the coins to a wallet on their own computer prior to placing the bet.

Patatas

legendary

Activity: 1750

Merit: 1115

Providing AI/ChatGpt Services - PM!

Coin base is is a Bank of the Bitcoin World.Since day 1 they have been very strict about tracking users especially transferring coins on the Gambling sites.The solution is : Don't keep a static wallet with a fancy name of your website in the public chain or use a coin mixing service.

densuj

legendary

Activity: 910

Merit: 1000

Quote from: bitbet-info on July 15, 2016, 11:24:47 PM

Hello,

We are the admin team for https://bitbet.us, and it has come to our attention that Coinbase has silently started tracking how their customers spend the coins purchased on their site.

One of our users what threatened by Coinbase with account closure after he placed a bet on our site.

The implication is basically that Coinbase is now officially in the business of deciding what you can and can't do with your own money.

They've essentially lowered themselves to the level of the likes of VISA and Paypal.

Should you decide to spend your coins on dildos and should Coinbase tomorrow decide that dildos are something they disapprove of, you may face account closure.

Caveat Emptor.

I think if we wanna still be anonymous we can use crypto mixing services after we bought bitcoin on coinbase. And it can do even if just 0.001BTC we can mix it.

gadman2

legendary

Activity: 978

Merit: 1001

Of course. They are a regulated company following regulated rules. You shouldn't expect less.

Lutpin

copper member

Activity: 1904

Merit: 1874

Goodbye, Z.

This isn't something new, coinbase has been closing accounts over involvement with gambling providers for ages.

A report from December last year for example: Coinbase closed my account after 1 week!
A collection of links regarding the matter posted last month: Coinbase - Gambling

This is going as far back as to 2014, where NLN posted the following thread: Gamblers, be careful with Coinbase!

Quote from: gadman2 on July 15, 2016, 11:34:51 PM

Of course. They are a regulated company following regulated rules. You shouldn't expect less.

Yep, indeed. This shouldn't be news to anyone, and it shouldn't be shocking either.

Topic: Coinbase is silently tracking how you spend you coins - page 3. (Read 3005 times)